Western Springs, IL
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




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Highest Appreciating Western Springs Neighborhoods Since 2000




Western Springs, IL Real Estate Data

Source & Methodology

Analytics built by:   Location, Inc.

Raw data sources:   American Community Survey (U.S. Census Bureau), U.S. Department of Housing and Urban Development, Federal Housing Finance Agency.

Date(s) & Update Frequency:
  • Home Values, Rents: Reflects Q1 2017. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2015 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more

Western Springs Housing Market Information

With a population of 13,369, 4,390 total housing units (homes and apartments), and a median house value of $575,367, Western Springs house prices are not only among the most expensive in Illinois, Western Springs real estate also is some of the most expensive in all of America.

Western Springs is a village of large, single-family homes. In fact, there is a higher proportion of four, five or more bedroom homes in Western Springs than is found in 98% of the communities in America.

Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in Western Springs. Owner-occupied housing accounts for 95.58% of Western Springs's homes, and 80.78% have either three or four bedrooms, which is average sized relative to America.

At the end of World War II, American soldiers returned home triumphant and, with the help of the GI Bill, built homes by the millions on the edges of America's cities. These homes were predominantly capes and ranches, modest in size, but built to house a growing middle-class as the 20th century became the American century. Western Springs's housing was primarily built during this period, from the '40s through the '60s. A full 50.83% of the village's housing hails from this era. Other housing ages represented in Western Springs include homes built before 1939 ( 20.17%) and housing constructed between 1970-1999 ( 15.06%). There's also some housing in Western Springs built between 2000 and later ( 13.94%).

Western Springs Home Appreciation Rates

Appreciation rates for homes in Western Springs have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 1.16%, which ranks in the top 50% nationwide. This equates to an annual average Western Springs house appreciation rate of 0.12%.

Over the last year, Western Springs appreciation rates have trailed the rest of the nation. In the last twelve months, Western Springs's appreciation rate has been 1.97%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Western Springs were at 0.43%, which equates to an annual appreciation rate of 1.74%.

Relative to Illinois, our data show that Western Springs's latest annual appreciation rate is lower than 60% of the other cities and towns in Illinois.

Average Home Values

 

Median Home Value:
$575,367

Western Springs, IL HOME PRICES

Value Range
> $1,115,000 10.0
$836,001 - $1,115,000 10.7
$558,001 - $836,000 30.3
$446,001 - $558,000 21.2
$334,001 - $446,000 16.6
$223,001 - $334,000 6.0
$111,001 - $223,000 3.9
$56,001 - $111,000 0.5
$0 - $56,000 0.8

Very High for IL
Very High for Nation

Value Relative to Nation Value Relative to State
4.27165123637642 2.27848101265823

Number Of Homes And Apartments:
4,390

Western Springs Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
IL*
Compared To
America*
Latest Quarter:
2016 Q4 - 2017 Q1
Last 12 Months:
2016 Q1 - 2017 Q1
Last 2 Years:
2015 Q1 - 2017 Q1
Last 5 Years:
2012 Q1 - 2017 Q1
Last 10 Years:
2007 Q1 - 2017 Q1
Since 2000:
2000 Q1 - 2017 Q1
46.42% 2.24% 9 6
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$2,133 / per month

Homeownership Rate

Homeownership
Owners 95.58
Renters 4.42
Vacant 3.77

Housing Market Details

 

Age of Homes

AGE OF Western Springs HOMES
2000 or Newer 13.9
1970 - 1999 15.1
1940 - 1969 50.8
1939 or Older 20.2

Types of Homes

TYPE OF Western Springs HOMES
Single-Family 92.7
Townhomes 4.2
Small Apt. Buildings 2.8
Apt. Complexes 0.3
Mobile Homes 0.0
Other 0.0

Home Size

SIZE OF Western Springs HOMES
No Bedroom 0.00
1 Bedroom 0.31
2 Bedrooms 9.36
3 Bedrooms 40.27
4 Bedrooms 40.51
5 or more bedrooms 9.56